ING Lends Ethiopian $41.4m

Ethiopian Airlines has agreed a $41.4m seven-year junior loan facility with ING Capital for the purchase of two 777 freighter aircraft.

Ethiopian Airlines has agreed a $41.4m seven-year junior loan facility with ING Capital for the purchase of two 777 freighter aircraft.

The senior debt is supported by Ex-Im Bank and was provided by another unnamed financial institution with ING as their co-arranger.

The junior lender benefits from a second priority interest in the security package, which secures both the Ex-Im Bank and junior loan financing.

Nega Mekonnen, CFO of the carrier, said the financial deal was “critical” in Ethiopian’s plan to sustain its position as Africa’s largest cargo operator.

This year alone, Ethiopian Airlines has phased-in 14 additional aircraft, including five 787s, one 737-800, one 777-300, two 777 freighters and four Bombardier Q-400 aircraft.

 

TAGS: Africa
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